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Existence of pseudo-equilibria in a financial economy

Author

Listed:
  • Philippe Bich

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Bernard Cornet

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, KU - University of Kansas [Lawrence])

Abstract

This paper proves the existence of a pseudo-equilibrium in a financial economy with incomplete markets in which the agents may have nonordered preferences. We will use a fixed-point-like theorem of Bich and Cornet that generalizes the results by Hirsch, Magill, Mas-Colell [18] and Husseini, Lasry, Magill [19] to encompass the framework considered by Gale and Mas-Colell ([14], [15]).

Suggested Citation

  • Philippe Bich & Bernard Cornet, 2009. "Existence of pseudo-equilibria in a financial economy," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00426399, HAL.
    • Handle: RePEc:hal:cesptp:halshs-00426399
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00426399
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    Cited by:

    1. Bernard Cornet & Ramu Gopalan, 2010. "Arbitrage and equilibrium with portfolio constraints," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 45(1), pages 227-252, October.
    2. Aouani, Zaier & Cornet, Bernard, 2011. "Reduced equivalent form of a financial structure," Journal of Mathematical Economics, Elsevier, vol. 47(3), pages 318-327.
    3. Aouani, Zaier & Cornet, Bernard, 2009. "Existence of financial equilibria with restricted participation," Journal of Mathematical Economics, Elsevier, vol. 45(12), pages 772-786, December.

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    JEL classification:

    • H10 - Public Economics - - Structure and Scope of Government - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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